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Eliminate loopholes, exactly what Reagan did, and what Romney said he would do, and what GOP has been saying they want to do. It is too bad they'd reject even ideas they would support if they got the credit for it. So, yes, there is plenty of blame to go both ways.
Look at the bigger picture:Recalling the days when Democrats cut taxesBoth history and current conditions don't bear that out. Christina Romer knew raising taxes was a mistake from her own research, and resigned over Obama's insistence on doing so. She was right. Obama torpedoed a healthy recovery and we've been stuck stagnating ever since.
Really? Let me qoute her:
"Finally, income inequality has surged in recent decades. Raising marginal rates on the wealthy is a straightforward, effective way to counter this trend, while helping to solve our looming deficit problem. Given the strong evidence that the incentive effects of marginal rates are small, opponents of such a move will need a new argument. Invoking the myth of terrible supply-side consequences just won’t cut it."
The top 1% pays nearly twice their fair share compared to their share of the income, while the middle class pays about half of their fair share. Closing tax loopholes would harm the middle class FAR more than it would harm the top 1%. Are you unaware that tax breaks and loopholes are largely phased out at higher incomes, hence the effective tax rate disparities despite the fact that the tax brackets don't account for such?
Are you unaware that tax breaks and loopholes are largely phased out at higher incomes, hence the effective tax rate disparities despite the fact that the tax brackets don't account for such?
I don't think Obama supporters know that loopholes are phased out at higher incomes just like they didn't know that they pay taxes every quarter if they are a small business. They don't even realize that Obama raised taxes on upper income not the super rich people they hate.
And yet she resigned in 2010, and Obama's recovery has been decidedly grossly anemic.
Contrast that with the Dems who had half a brain and CUT taxes:
Quote:
"The 1920s, '60s and '80s were three of America's greatest decades of economic growth. Without them, growth since the inauguration of the income tax in 1913 averages less than 3 percent per year. Each of the tax-cut decades saw at least seven years of growth of 4 to 5 percent, along with advances in entrepreneurship, employment, living standards and wealth."
I will again caution you on the extremely ill-advised policy of inordinately depending on any income group for a tax revenue share which is substantially greater than their share of the income: //www.city-data.com/forum/34027493-post28.html
I will again caution you on the extremely ill-advised policy of inordinately depending on any income group for a tax revenue share which is substantially greater than their share of the income: //www.city-data.com/forum/34027493-post28.html
So her resigning in 2010 was about what? Oh right, you lied, you have ZERO idea, and now you conflate that with the recovery? Really?
And then link to your opinion post....
So basically you completely misrepresented her view, her behavior, and now instead change the topic entirely.
So her resigning in 2010 was about what? Oh right, you lied, you have ZERO idea, and now you conflate that with the recovery? Really?
How has Obama's economic recovery been? Not that great...
Meanwhile, Dems who actually DID know what they were doing in the past CUT tax rates and subsequently the country experienced record GDP and standard of living growth, as already posted.
How has Obama's economic recovery been? Not that great...
Meanwhile, Dems who actually DID know what they were doing in the past CUT tax rates and subsequently the country experienced record GDP and standard of living growth, as already posted.
May I again point to the person you quoted to support your opinion.
You've picked your solution-tax cuts, ignoring the REALITY.
And its not ALL about tax rates of individuals.
So look at EFFECTIVE tax rates of corporations since 1950. notice they drop dramatically? Now look at it for the top .1%...notice those ALSO drop? Hmmmmm So wheres the tax burden been shifting?
Now according to you we should not have experienced the recent depression.....huh.
But again, nice deflection from the point. Your representation of Romer.
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Review Both history and Romer's work.
